I think it's silly that rich people spend the money on the things they do, but when you have a lot of it, you can be a bit frivolous. Heck, if I had all the money in the world, I'd be flying paid F to the Maldives and paying cash to stay in an OWB at the Conrad Maldvies. But I don't so I don't.

If I were sitting on a million *p (or a few hundred thousand anyway) I wouldn't buy them either, primarily because I can't resell them later. But because all of my spend goes to Chase these days, and I don't do too many revenue stays, I do have a shortage of SPG points. It's worth it to me to pick up them up at the sale price.